- ComfortDelGro (SGX:C52)'s 1Q24 revenue and operating profit increased 10.8% and 10% to S$1b and S$56m, respectively, with operating profit margin remaining fairly stable at ~5.5%. PATMI grew 23.8% y-o-y to S$40.6m.
A fourth consecutive quarter of y-o-y improvement
- - Read this at SGinvestors.io -
Revenue growth driven by the Public Transport, Taxi & Private Hire, and Other Private Transport segments
Public Transport segment
- - Read this at SGinvestors.io -
Taxi & Private Hire segment
- Revenue and operating profit from the Taxi & Private Hire segment were up 8.2% and 38.6% y-o-y to S$148.3m and S$23.7m, respectively, as ComfortDelGro enjoyed higher commission rates and fares from its Singapore taxi business, and also benefited from lower rental discounts in Singapore and China.
- However, operating profit margin was softer than expected at 15.7% (4Q23: 23.4%), with management citing seasonality (such as Lunar New Year especially for its China taxi business).
- Booking volumes in Singapore were also lower at ~7m versus ~8m in 1Q23 due to heightened competition, despite our expectations of demand increase on the back of Taylor Swift’s The Eras Tour in Mar 2024.
Other Private Transport segment
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-05-15
Read also OCBC's most recent report:
2024-11-15 ComfortDelGro - Acquisition-fuelled Growth.
Previous report by OCBC:
2024-08-15 ComfortDelGro - On The Right Track.
Price targets by 4 other brokers at ComfortDelGro Target Prices.
Listing of research reports at ComfortDelGro Analyst Reports.
Relevant links:
ComfortDelGro Share Price History,
ComfortDelGro Announcements,
ComfortDelGro Dividends & Corporate Actions,
ComfortDelGro News Articles